HomeMy WebLinkAbout10281RESOLUTION NO. 10, 281
A RESOLUTION CONFIRMING THE SALE OF CAPITAL
IMPROVEMENT REVENUE BONDS AUTHORIZED PURSUANT
TO ORDINANCE NO. 17,690 OF THE ORDINANCES OF THE
CITY OF LITTLE ROCK AND PRESCRIBING OTHER MATTERS
RELATING THERETO.
WHEREAS, on March 17, 1998, the City of Little Rock, Arkansas ( "City "),
acting by and through the Board of Directors of the City, approved Ordinance No.
17,690 which provided for the issuance and sale of capital improvement revenue bonds
for the purpose of funding the acquisition and construction of park and recreational
improvements in the City of Little Rock, Arkansas, provided for the payment of the
principal of and interest on the Bonds, authorized the execution and delivery of a
Master Trust Indenture and a Supplemental Trust Indenture, and prescribed other
matters relating thereto (the "Authorizing Ordinance "); and
WHEREAS, pursuant to the provisions of the Authorizing Ordinance, the City
authorized and ordered sold and issued, its capital improvement revenue bonds in the
total principal amount of not to exceed $16,500,000, at a net effective interest rate of
not to exceed ten percent (10 %) per annum, and with a final maturity of not to exceed
thirty (30) years from the date of issue; and
WHEREAS, Stephens Inc. (the "Underwriter ") has offered pursuant to the
provisions of a Bond Purchase Agreement the form and content of which were
approved pursuant to the provisions of the Authorizing Ordinance, to purchase the
Bonds in a total principal amount, at an interest rate and having a final maturity all of
which are within the terms prescribed by the Authorizing Ordinance; and
WHEREAS, the City desires to confirm the principal amount of, the net
effective interest rate and the final maturities of the Bonds all as more particularly set
forth in Exhibit "A" hereto and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED BY the Board of Directors of the
City of Little Rock, Arkansas:
Section 1. That there is hereby confirmed and ratified the sale of the City's
Capital Improvement Revenue Bonds (Parks and Recreation Projects), Series 1998A, in
the aggregate principal amount of $16,405,000 to Stephens Inc. at a price of
$16,212,241.25, bearing interest at the net effective interest rate of 5.747835% per
annum, and having a final maturity of January 1, 2023.
Section 2. That issuance of the Bonds in the form of two (2) term bonds is
confirmed; one in the principal amount of $10,885,000 maturing on January 1, 2018,
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and bearing interest at the rate of 5.70% per annum, and the second in the principal
amount of $5,520,000, maturing January 1, 2023, and bearing interest at the rate of
5.80% per annum. The Bonds shall be subject to mandatory redemption from sinking
fund installments as set forth in Exhibit "A" hereto.
Section 3. That the provisions of this Resolution are hereby declared to be
separable and if a section, phrase or provision shall be declared invalid, such
declaration shall not affect the validity of the remainder of the Resolution.
Section 4. That this Resolution is adopted pursuant to the authority
conferred by Ordinance No. 17,690 of the Ordinances of the City of Little Rock,
Arkansas, and that Ordinance No. 17,690, together with and as supplemented by this
Resolution, shall continue in full force and effect.
Section 5. This Resolution shall be in effect from and after the date of its
adoption.
PASSED: May 29, 1998.
APPROVED: (�
By: ►"
Wk Dailey, Mayor
ATTEST:
Robbie Hancock, City Clerk
APPROVED AS TO FORM:
By: oti eut�
Thomas M. Carpenter, Ci Attorney
282
EXHIBIT "A"
TERM BONDS DUE JANUARY 1, 2018
DATE
PRINCIPAL INTEREST RATE*
(January 1)
2001
$ 360,000.00
5.70 %
2002
385,000.00
5.70
2003
405,000.00
5.70
2004
430,000.00
5.70
2005
450,000.00
5.70
2006
480,000.00
5.70
2007
505,000.00
5.70
2008
535,000.00
5.70
2009
565,000.00
5.70
2010
595,000.00
5.70
2011
630,000.00
5.70
2012
665,000.00
5.70
2013
705,000.00
5.70
2014
745,000.00
5.70
2015
790,000.00
5.70
2016
830,000.00
5.70
2017
880,000.00
5.70
2018
930,000.00
5.70
TERM BONDS DUE JANUARY 1, 2023
2019
$ 985,000.00
5.80%
2020
1,040,000.00
5.80
2021
1,100,000.00
5.80
2022
1,165,000.00
5.80
2023
1,230,000.00
5.80
*Net effective interest cost 5.747835 %.
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